Ask George & Chuck: Financing deal includes no way out for seller
If the buyer is in default for not increasing the monthly payment as agreed, you can commence foreclosure proceedings for their default. The homeowners association has reserved the right of first refusal in the Condominium Declaration. The Consumer Financial Protection Bureau is at it again. Last year it instituted new rules on mortgages, and redefined what a qualified mortgage was. For Truth-in-Lending, there will no longer be a Reg Z disclosure on loan application, nor a good faith estimate. At closing, there will be a new closing disclosure form, which combines the HUD-1 Form and the final T-I-L disclosure form. The lender will fill out the loan estimate, but we don't know who will ultimately be responsible for the closing disclosure form. Brace yourself, as closings may be delayed, so keep your clients calm. Even aunts and uncles who knew them don't know where these other relatives are now. [...] you're in a pickle. Charles J. Jacobus, J.D. is Board Certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law.